Apple Valley Housing Market Update
As of September 29, 2024, the housing market in Apple Valley Lake, Ohio, remains competitive, with steady demand for both vacation homes and year-round residences. The area continues to attract buyers seeking lakefront living, recreational amenities, and proximity to nature. Inventory levels remain relatively low, keeping pressure on prices, particularly for homes with direct lake access or expansive views.
There are currently four sales pending and 16 properties for sale indicating a 20% pending ratio. Pending ratios are important indicators of the supply and demand of the real estate market. High ratios indicate listings are in demand and are quickly going into contract whereas low ratios indicate there are not enough qualified buyers for the existing properties. The current inventory is described as mildly active.
The $100,000 - $200,000 price range has a relatively large number of contracts pending sales and the $200,000 - $300,000 price range has relatively large inventory properties for sale at five properties. The median list price for all properties in this market is $362,450. 48 contracts have closed in the last six months with a median sold price of $364,900. The $300,000 - $400,000 price range contains the highest number of sold listings. Meanwhile four listings have failed to sell in that same time period. Homes may not sell for multiple reasons such as the price is too high, it has been inadequately marketed, the home is in poor condition, or the seller had second thoughts about selling. The $200,000 - $300,000 price range has the highest number of off market listings with two homes.
The Days on Market (DOM) is important because it determines if it is a buyer’s market or seller’s market. If there is a high DOM, it is a buyer’s market and if there is a low DOM, it is a seller’s market. Active listings have been on the market for a median of 33 days. For the past six months, sold properties have a median sold price of $364,900 and 57 days on the market. The $700,000 - $800,000 price range sold the quickest over the last six months. The median sold price for the last 30 days is $432,000 with 52 DOM. Since the recent DOM is less than the median DOM for the last six months, this indicates that there is demand. It is important to know that real estate markets can fluctuate due to changing interest rates, the economy, or seasonal changes. The median list-to-sales ratio for Apple Valley is 100%. The absorption rate indicates inventory of 2.0 months based on the last six months of sales. This estimate is often used to determine how long it would take to sell off current inventory of properties if all conditions remained the same and does not take into account any additional properties that will come onto the market in the future.
Key Market Trends:
-Price Growth: Home prices have seen modest growth over the past year, reflecting ongoing demand for properties in this sought-after lakeside community.
-Low Inventory: The limited availability of homes continues to be a key challenge for buyers. As of late September, the number of active listings remains below typical seasonal averages, contributing to bidding wars for desirable properties.
-Lakefront Properties in High Demand: Homes with lakefront views or private docks continue to command premium prices, with some selling above listing price due to the scarcity of such listings.
-Interest from Out-of-State Buyers: Apple Valley Lake has drawn increased interest from buyers outside of Ohio, especially those seeking second homes or vacation properties. This has been driven by the area’s affordability compared to other popular lakefront destinations.
Overall, Apple Valley Lake remains a competitive market with strong buyer interest, particularly for properties that offer proximity to the lake and access to the area's recreational amenities. Buyers are advised to act quickly when desirable properties become available due to the persistent low inventory.
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